When it comes to planning for the future, one of the biggest questions Florida families face is whether to create a will or a trust—or sometimes, both. Each plays a vital role in how your assets are managed and distributed after death, but they operate in very different ways. Understanding these differences can help you make an informed decision that protects your loved ones and honors your wishes.
What Is a Will?
A will is a legal document that outlines how you want your property and assets to be distributed upon your passing. It can also name a personal representative (executor) and designate guardians for minor children.
Under Florida law (Chapter 732, Florida Statutes), a valid will must be written, signed by the testator, and witnessed by two individuals in each other’s presence. Upon death, the will is submitted to probate—a court-supervised process to ensure debts are paid and assets are distributed according to your instructions.
Advantages of a Will:
- Simple and cost-effective to create.
- Allows you to name a guardian for minor children.
- Provides clear direction for how your estate should be handled.
Disadvantages of a Will:
- Must go through probate, which can be time-consuming and public.
- Offers limited protection if you become incapacitated.
- May not provide privacy or immediate access to funds for beneficiaries.
What Is a Trust?
A trust is a legal arrangement where a trustee holds and manages property for the benefit of designated beneficiaries. Florida’s Trust Code (Chapter 736, Florida Statutes) governs the creation, modification, and administration of trusts.
The most common type is a revocable living trust, which you can change or revoke during your lifetime. Upon your death, the trust becomes irrevocable, and the trustee distributes assets according to your instructions—without court involvement.
Advantages of a Trust:
- Avoids probate, saving time and maintaining privacy.
- Provides continuity if you become incapacitated.
- Allows detailed control over how and when assets are distributed.
- May help minimize family disputes and preserve wealth across generations.
Disadvantages of a Trust:
- Typically more expensive to create than a will.
- Requires active management—assets must be properly transferred (“funded”) into the trust.
Key Differences Between a Will and a Trust
| Feature | Will | Trust |
|---|---|---|
| Governing Law | Florida Probate Code (Ch. 732–735) | Florida Trust Code (Ch. 736) |
| Goes Through Probate? | Yes | No |
| Effective Date | After death | Immediately upon creation |
| Privacy | Public record | Private |
| Covers Incapacity? | No | Yes |
| Ease of Setup | Simple and inexpensive | Requires more planning and cost |
| Flexibility | Can be changed easily | Revocable trusts can be modified while living |
When a Will Might Be Enough
A will may be sufficient if:
- You have a modest estate and few assets.
- You want to name guardians for minor children.
- You don’t mind your estate going through probate.
Florida offers simplified procedures, like summary administration for estates valued at $75,000 or less, which can make probate quicker and less costly in smaller estates.
When a Trust Makes More Sense
A trust is often recommended if you:
- Own real estate in multiple states.
- Have minor children or beneficiaries with special needs.
- Want to avoid probate for privacy and efficiency.
- Desire ongoing management of assets after your death.
- Want to plan for incapacity without court intervention.
Combining a Will and a Trust
Many Floridians use both a will and a trust. This approach is often called a “pour-over will,” which directs any assets not already in your trust to be transferred into it upon death. The will serves as a backup, ensuring that no asset is left unaccounted for.
Choosing What’s Right for You
Every family’s situation is unique. The right estate plan depends on your financial goals, family dynamics, and long-term intentions. At McNary Law, we help clients in Bradenton, Lakewood Ranch, and Sarasota design estate plans tailored to their needs—whether that means a straightforward will, a comprehensive trust, or both.
We also offer remote estate planning services, allowing you to meet with our attorney virtually from the comfort of your home.
Protect Your Family’s Future
Estate planning isn’t just about documents—it’s about peace of mind. Whether you’re starting fresh or updating an existing plan, the best time to prepare is now.
Click here to send us a message or call us today at 941-345-1662 to schedule a consultation.